Foreign Exchange Restrictions Scale Down Money Transfer Transactions

By Sailu Bah
Two days after the announcement of the executive order from the officeCentral Bank Building
of the president pegging the exchange rate of the US Dollar not to be more than 35 to 40 Dalasi to the Dollar and limiting the amount of foreign exchange to be sent out of the country to 10, 000 Dollars,Euros and Pound Sterling, this reporter went round to find out how
this new restrictions have impacted on the banking and money transfer

Visiting some of the banks and money transfer services around the West
Field area in the Kanifing Municipality, it was observed that few
people were conducting transactions relating to foreign exchange and
which was confirmed by some of the operators engaged in the business.
It was however noticed on the information boards in the halls of some
of these banks that the exchange rates of the foreign currencies
remain unchanged.

An official of one of the commercial banks, who prefers anonymity,
said they are now working with the new rates. He disclosed that since
the announcement of the restrictions on Monday, they have been
receiving few customers at their money transfer section.

Operators in five bureau de change businesses also confirmed the
scaled downed transactions. One of them said he has not got a single
customer since after the announcement and that this is already
impacting negatively on his business.

“This prompt restriction should have been announced in advance to get
them adjust to it. They should have informed us in advance that by
this date restrictions will be imposed on this and this currency to be
exchanged on such and such rate, etc.,” he said.

He said now the Dollar is D35 for buying and D36 for selling, the Euro
is D40 for buying and D41 for selling                          while
the Pound Sterling is buying at D50 and selling at D51.

“The international exchange rate for the Pound is D61 for buying and
D63 for selling with the old rate    buying at D69 and selling D70,
US Dollar buying at D47 and selling at D48 and the Euro buying at D49
and selling at D51,” he said.